Key Points
Mumbai: The Indian rupee slumped on Tuesday after vote counting trends signalled that Prime Minister Narendra Modis Bharatiya Janata Party-led alliance would win a narrower majority than was expected, spurring a selloff in local equities...
The rupee closed at 83.53 against the U.S. dollar, down 0.47% on the day, its worst single-day percentage fall since February last year...
The Reserve Bank of India (RBI) likely stepped in to limit the rupees decline, traders said..
The sales were intended to plug likely outflows instead of pushing the dollar-rupee pair lower, a foreign exchange trader at a large private bank said.. Indian equity indices plunged on worries about the election outcome..
The Nifty 50 Index had its worst day in over 4 years and Indian bond yields rose.. Markets reacted negatively due to the smaller-than-expected mandate and (PM Modis) Bharatiya Janata Party not achieving a majority on its own, Shreya Sodhani, regional economist at Barclays Bank said...
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